- USD/SGD is currently trading around 1.4005 marks.
- It made intraday high at 1.4009 and low at 1.4001 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 1.3964 marks.
- A daily close above 1.4005 will test key resistances at 1.4027, 1.4077, 1.4160, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
- Alternatively, a consistent close below 1.4005 will drag the parity down towards key supports at 1.3964/1.3851/1.3775/1.3704/1.3646 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position in USD/SGD around 1.4002, stop loss 1.3964 and target of 1.4077.
